Penzance Acquires Property At 450 Springpark Pl In Herndon For $71.5 Million With Broker Representation From Bruce Strasburg And Dek Potts Of JLL
SOLD
$71,500,000
Virginia
See Similar DealsOffice422,000 SF
Sold 09/25/2019
SOLD
Penzance Acquires Property At 450 Springpark Pl In Herndon For $71.5 Million With Broker Representation From Bruce Strasburg And Dek Potts Of JLL
450 Springpark Pl, Herndon, VA, 20170
See Similar DealsOffice422,000 SF
Sold 09/25/2019
Summary
VIRGINIA
Asset Type:Office
Price Per Square Foot:$169
Total Square Footage:422,000 SF
Transaction Type:Sale
The property located at 450 Springpark Pl, Herndon, VA, 20170, is listed within the Herndon market. The transaction involves a total price of $71,500,000.00 for an expansive area of 422,000 square feet.
Summary of transaction details:
- Property Type: Sale
- Transaction Amount: $71,500,000.00
- Address: 450 Springpark Pl, Herndon, VA, 20170
- Market: Herndon
- Square Footage: 422,000
- Buyer: Penzance
- Buyer's Representative: Bruce Strasburg, Dek Potts - JLL
The key individuals involved in the transaction include Penzance as the buyer, with representation by Bruce Strasburg and Dek Potts from JLL, highlighting the brokerage's role in facilitating the deal.
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30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$3,813,333.32
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$254,024.41
Cash-on-Cash Return-1.27%
Monthly Debt Service$338,946.48
Annual Debt Service$4,067,357.73
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